New Fortress Energy (NASDAQ:NFE) Trading Up 11% - Time to Buy?

Shares of New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report) were up 11% during trading on Tuesday . The stock traded as high as $3.22 and last traded at $3.20. Approximately 1,540,209 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 7,967,165 shares. The stock had previously closed at $2.88.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on NFE shares. Deutsche Bank Aktiengesellschaft set a $8.00 target price on New Fortress Energy in a research report on Wednesday, March 12th. BTIG Research set a $8.00 target price on New Fortress Energy and gave the stock a "buy" rating in a research report on Thursday, May 15th. Citigroup reduced their target price on New Fortress Energy from $34.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Stifel Nicolaus cut their price objective on New Fortress Energy from $16.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Finally, Morgan Stanley set a $4.00 price objective on New Fortress Energy and gave the company an "equal weight" rating in a report on Tuesday, May 27th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, New Fortress Energy currently has an average rating of "Moderate Buy" and a consensus target price of $10.17.

New Fortress Energy Stock Performance

The stock has a 50-day moving average of $4.52 and a 200 day moving average of $9.50. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The stock has a market capitalization of $750.14 million, a price-to-earnings ratio of 3.01 and a beta of 1.21.

Hedge Funds Weigh In On New Fortress Energy

Several institutional investors and hedge funds have recently modified their holdings of NFE. Allworth Financial LP grew its position in shares of New Fortress Energy by 2,156.0% in the 4th quarter. Allworth Financial LP now owns 2,053 shares of the company's stock valued at $32,000 after purchasing an additional 1,962 shares during the period. Quarry LP acquired a new position in shares of New Fortress Energy in the 4th quarter valued at approximately $64,000. US Bancorp DE grew its position in shares of New Fortress Energy by 31.5% in the 4th quarter. US Bancorp DE now owns 4,696 shares of the company's stock valued at $71,000 after purchasing an additional 1,126 shares during the period. CWM LLC grew its position in shares of New Fortress Energy by 46.9% in the 1st quarter. CWM LLC now owns 9,065 shares of the company's stock valued at $75,000 after purchasing an additional 2,895 shares during the period. Finally, Hardin Capital Partners LLC acquired a new position in shares of New Fortress Energy in the 1st quarter valued at approximately $83,000. 58.61% of the stock is currently owned by institutional investors and hedge funds.

About New Fortress Energy

New Fortress Energy Inc operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment engages in the natural gas procurement and liquefaction; and shipping, logistics, facilities and conversion, or development of natural gas-fired power generation.